June 5 (Bloomberg) — Miami will launch MiamiCoin, a city cryptocurrency, and will go live on June 8. The token, issued by token issuer CityCoin, will offer a new way to create municipal assets for favorite cities.
The CityCoin team envisions a near future where each city has its own crypto token or CityCoin.
CityCoins are described as being powered by Blockstack (STX), a protocol that enables d smart contracts on the Bitcoin network. CityCoin like $MIA is mined by forwarding Stacks tokens (STX) to the CityCoins smart contract.
Stacking requires holders to lock their CityCoins for a period of time in order to receive STX rewards. Holders can then further accumulate that STX to generate bitcoin rewards for themselves.
The system allows holders to earn Bitcoin and Stacks earnings while generating cryptocurrency to fund their cities.
CityPride is just one of the reasons to invest in CityCoin tokens. Mining CityCoin provides cities with a resource that may replace budgets or significantly increase funding. It opens up new ways for cities to raise money that will be directly supported by communities and investors.
Each city in the CityCoins ecosystem has a wallet set aside for it. The mayor can choose to pickupthebag at any time and accept the reserved wallet to access the treasury for the city’s use.
The possibilities of CityCoins are endless. Because they are programmable, the CityCoin team wants developers to create applications that will use them for access, transactions, lending and smart contract execution. The more people who use them, the higher the rewards, and the more likely others will join.
Residents also get a break on their municipal taxes as a reward for their support of the city. After all, CityCoin miners indirectly contribute 30% of the mining revenue, sending it directly to their city’s wallet. It’s not far-fetched to imagine that the mining contribution might exceed the annual taxes the city might charge them.
For students, paying tuition to a local college or public university with CityCoin might result in a discount. cityCoins could be distributed to the city’s neediest citizens or deposited into a child’s tax-exempt or tax-deductible account to secure their future. As the effectiveness of CityCoins grows, and the incentive to own CityCoin increases accordingly, the possibilities become increasingly exciting.
You can start mining MiamiCoin starting June 8, 2021 at 3pm ET.
Why Miami? Miami has long been a center of culture and innovation in the United States. Last year, it became the leading technology city in the US, especially in the field of crypto and blockchain technology. Innovators flocked to the city, recognized by strong network effects, supportive government, and a culture defined by constant evolution and disruption. We can’t think of a better place to showcase CityCoins.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/miami-to-launch-city-cryptocurrency-miamicoin/
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